Aegis Realty Partners » East Bay Office Space Market Report

Free Shuttle Starts Service

AEGIS Realty — Wed, 28 Jul 2010 23:10:12 +0000

Oakland’s latest improvement launched yesterday with the service of a free shuttle running between Jack London Square and the Uptown neighborhoods. This will be giving residents and business something to smile about as it will not only be useful but also will be giving the “Gourmet” ghetto a run for its money making all those lunchtime hotspots accessible to everyone. The shuttle will be called the “B” and will run between 7am-7pm and will run along the Embarcadero and Grand Avenue, with stops in Jack London Square, Chinatown, Old Oakland, City Center, Uptown and the Lake Merritt Financial District. Make sure to check out the world famous fried chicken sando at Bake Sale Betty’s…

Clients in The News Being Green

AEGIS Realty — Tue, 27 Jul 2010 18:15:57 +0000

This week Wendel Rosen was recognized for being green. Donald Simon leads this effort by advising clients to help reduce the human footprint. Simon joined the firm in 2002 and ever since he has helped advise clients on LEED issues relating to Solar and renewable energy, climate change, green building and organic products. He strongly advocates and rightfully so that it is in business best interest to alter their practices to clean up the environment. He is quotes saying “All environmental problems are caused by consumption. Can you change the demand? Then the market will respond”. Wendel is doing more than just advocating green they became the country’s first law firm to be certified as a green business designated by the USGBC (United States Green Building Council’s) LEED certification system. Another significant milestone for the firm is the assistance in developing the U.S. Green Building Council’s Northern California Chapter, which focuses on the commercial sector. Simon was also quoted saying the true change comes in changing people’s mindset in the way they choose to do things. His last piece of wisdom is “You need to get professionals involved, so they get enthused. When they see that they can do good and do well, that’s the secret sauce”.

2nd Quarter 2010 – East Bay Office Market Report

AEGIS Realty — Mon, 26 Jul 2010 21:35:23 +0000

Click here to download 2Q10 EB office Market Report

Profit for Non-Profit

AEGIS Realty — Thu, 22 Jul 2010 15:36:01 +0000

We have seen an increase in non-profit activity in the real estate world. This can be recognized either in the form of new leases or real estate investment. More locally and recently we have seen non-profits investing their profit in assets to not only help their business but help the business of others. You could almost say hitting two birds with the same stone… While other sectors of the economy might be down and certainly a shortage of credit whether from the government or private investments nonprofits continue to run, sometimes more efficiently and slimmer but none the less with the same intention of putting to work many who may have suffered from the hands of the economy. It will certainly be an interesting sector to watch and could possibly end up having the highest activity in our market.

Auction, Auction

AEGIS Realty — Mon, 19 Jul 2010 20:15:13 +0000

Another sign of the economy has found its way into the east bay commercial real estate arena. Mervyn’s the once popular department store’s debt is hitting the auction block later this month in Hayward via the internet. The 336,000 square foot department store that was turned into office space will hit the online auction opening July 26th-28th. Jones Lang LaSalle and REDC will represent the deal for the 100 percent vacant property that has been appointed to a receiver who will manage it. Mervyn’s moved out of the building in January 2009 after filing for chapter 11 bankruptcy protection in July 2008. The property sits on 9 acres of land and was originally built in 1958. Later a 4th story was added in 1984. Jones Lang and REDC has auctioned more than $350 million worth of notes and commercial real estate in the past few months. Auctions are an interesting way to purchase real estate as the prices start at pretty much the bottom and work its way up.

Fruitvale Phase II

AEGIS Realty — Thu, 15 Jul 2010 23:52:02 +0000

Oakland’s redevelopment agency recently slated plans to buy a surface parking lot at the Fruitvale BART station. The proposed project is estimated at $100 million dollars. The project will be the second phase of Signature Properties Inc.’s residential project there. The site currently sits on 3.4 acres and the land is valued at $6 million. The council decided on July 13th so we should expect to hear the outcome soon. If approved the project would include 275 units of housing with 566 parking stalls. Phase I as it is referred to included 47 housing units, 115,000 square feet of office and 40,000 square feet of retail. Signature secured an approval in May but has not determined a start date for the project to break ground.

Donahue Gallagher Woods LLP

AEGIS Realty — Wed, 14 Jul 2010 18:32:02 +0000

Donahue Gallagher Woods moved from 300 Lakeside to 1999 Harrison Street in downtown Oakland. Donahue specializes in litigation, counseling, dispute resolution services among others. They have two others locations giving them a strong presence in the Bay Area. This will complete the second major law firm transaction of the year after Burnham and Brown inked their renewal at 1901 Harrison.

Acquisition Opportunity

AEGIS Realty — Mon, 12 Jul 2010 16:28:34 +0000

Eastdil Secured has announced that the three building project known as the Watergate Towers in Emeryville is up for sale. This will be the second multiple building project for sale this summer as Oakland City Center Closed no more than a week ago. The project is comprised of 813,557 square feet stacked in three office towers that sits between interstate 80 and the San Francisco Bay with sweeping panoramic views. At 66% leased this opportunity presents a rare and exciting time to get into an office project in a market with significant barriers to entry. While having a diversified rent roll the Watergate project offers companies such as tech, bio-tech, health care to law. Stay tuned for more!!

CBRE Investors is Oaklands Newest Landlord

AEGIS Realty — Tue, 06 Jul 2010 17:35:45 +0000

Yes that’s right, CBRE Investors closed last week Wednesday on the Oakland City Center portfolio. The project includes the premier 555 12th and 1111 Broadway properties as well as 1300 Clay Street, 505 14th Street and the City Square. The five locations make up 1.6 million square feet that is 91% leased with a 1,150 stall parking garage. The sale reportedly went through for $360 million or $225 per square foot. Shorenstein bought the property from Bramalea in 1996 for $114 per square foot or $118 million. In 1998 Shorenstein added State Teachers Retirement System of Ohio who is rumored to have triggered the current sale. With the sale also came the development site of 601 12th Street which Shorenstein started two years ago just before the economy came crashing down. Shorenstein will be missed in Oakland and it will be an interesting time to see how CBRE Investors manages the current project. Will Oakland see a 100% occupancy in the project and the development of 601? I guess you’ll have to wait and see and check the blog for the latest information. Stay tuned…

Ellis Partners sells Alameda office building

AEGIS Realty — Wed, 30 Jun 2010 15:50:16 +0000

Ellis Partners recently completed the sale of Bay View Plaza a 62,000 square-foot office building in Alameda to Worthington Investments for $10.6 million or $171 per square foot. The property is located at 1600 Harbor Bay Business Parkway in the Harbor Bay Business Park nestled up against the Oakland International Airport. The two story building sits on roughly 3 acres and is anchored by OtisMed a business unit of Stryker Orthopedics. Good news for the new ownership is that the building was 93% leased prior to the transaction. Ellis partners bought the building in 2007 for $9.5 million as a time when it was disappointingly only 46% percent leased. Ellis at the time had the vision of stabilizing the asset while adding value with the intention to sell at some point. It looks as if all those goals were accomplished. Ellis Partners was represented by Grubb and Ellis which was founded by the Late Hal Ellis also the founder of Ellis Partners. As you can see the market is starting to get active again with credit flowing and outside capital pouring in. Look to see deals being taken advantage of in this buyers market.